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Marketing in a Global Community October 2005 | |
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| Marketing in a Global Community: Market Analysis.
We continue this month with the 4th of our 5 business analyses by considering the market within which we operate on a daily basis. Understanding, managing & developing our market is an essential element in preparing for & developing our 'Global Marketing Strategy' (GMS) for accessing new products for our market (dealers) or for opening new markets for our products (manufacturers).
Market Analysis
We need to constantly search and research markets as manufacturers to see where we can profitably sell our products and as dealers to see from what source we can take on profitable lines.
Two methods of 'market scanning', which enable and support us to explore & to develop both our respective markets and our marketing opportunities, are
1)Market Viability via a) Accessibility, markets & products need to have a viable supply base. b) Profitability, markets & products need to allow for the opportunity for profit growth and c) Market Size, products need to be adaptable to the volume (size) or niche, available to or which can be created for them
2)Product / Service Opportunity we need to be aware of; a) Existing supply, which requires that competition would need to be matched or displaced. b) Latent supply, whihc offer opportunities for new product introduction, as no current product supply exists. c) Incipient supply, where the market has not yet been identified but circumstances and trends indicate there to be new market opportunities
The effective use of 'market scanning' enables us to arrive at two GMS marketing milestones namely; the creation of our own unique 'estimate' of our Core Competence & our Competitive Advantage
Knowing our Core Competence & Competitive Advantage leads to market awareness which itself assists in the creation and understanding of market opportunity; which is the true 'strategic fit' between our capability and our ability to serve the needs of our market place at a profit.
Apply to PrintMediaPartners today for your personalized one page 'Market Analysis Toolkit', (in MS Word format) which will be 1) supplied for completion and then 2) followed up with recommendations on how to improve and then further develop your own portfolio of unique business capabilities; now and in the future.
Danny Moloney, MBA written October 2005
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| Description | Marketing in a Global Community October 2005 |
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